Thomas Cook India expands into Europe with Cyprus launch to fuel business travel surge

Why Did Thomas Cook India Enter the EU Market via Cyprus?

In a bold strategic move, Thomas Cook (India) Limited has announced its formal entry into the European Union (EU) market with the launch of its first office in Cyprus. This decision marks a significant milestone in the company’s international expansion roadmap and underlines its confidence in the burgeoning business travel segment. The newly inaugurated office in Nicosia is operated through a dedicated subsidiary, Travel Circle International (Cyprus) Limited (TCI Euro), itself a subsidiary of Travel Circle International (Mauritius) Ltd—a fully owned arm of Thomas Cook India.

With Indian corporations and multinationals increasingly turning their attention to Europe for expansion and operations, the travel management major aims to capitalise on the EU’s lucrative and growing business travel demand. Thomas Cook India’s new office in Cyprus provides a physical and regulatory foothold within the EU, enabling direct access to local pricing advantages, inventory efficiencies, and superior customer experiences tailored for cross-border corporate clients.

What Competitive Advantages Does the Cyprus Presence Offer?

Thomas Cook India’s entry into the EU via Cyprus has been calibrated to serve multiple objectives. According to the company’s leadership, the most immediate benefit is access to exclusive EU-local air and non-air inventory—deals and rates typically inaccessible from within India. This translates to tangible cost advantages for business travellers operating across European markets.

Additionally, Cyprus offers strategic access to the European continent while providing a favourable regulatory and tax framework for international business operations. The company’s move reflects a deep understanding of both geopolitical access points and commercial leverage within the EU.

The Cyprus office is expected to be the launchpad for a phased expansion of other Thomas Cook India verticals, starting with business travel but extending eventually to leisure tourism, MICE (Meetings, Incentives, Conferences, and Exhibitions), and other services.

Who Attended the Launch, and What Does It Symbolise?

The opening ceremony in Nicosia on May 16, 2025, was attended by several influential stakeholders, further reinforcing the symbolic and diplomatic weight of the announcement. Present at the launch were Indiver Rastogi, President & Group Head, Global Business Travel, Thomas Cook (India) Ltd; Sanjay Tugnait, President & CEO of Fairfax Digital Services; Kostas Koumis, Deputy Minister of Tourism for Cyprus; Manish Manish, High Commissioner of India to Cyprus; Karavias Fokion, Group CEO of Eurobank Greece; and Srini Rao, Executive Vice President and Chief Business Officer at LTIMindtree Ltd.

This high-profile delegation highlights the multi-layered importance of the Cyprus initiative, touching on bilateral economic cooperation, regional travel partnerships, and a deeper India-Europe business corridor.

What Is Thomas Cook India’s Broader Business and Global Footprint?

Founded in 1881, Thomas Cook (India) Limited has evolved into the country’s foremost omnichannel travel services company. Its offerings include corporate travel, leisure packages, foreign exchange, MICE, visa services, and value-added travel products.

Through its large portfolio of B2C and B2B brands—including SOTC, Sterling Holiday Resorts, TCI, SITA, Asian Trails, Allied TPro, and DEI—the company maintains an extensive operational footprint across Asia-Pacific, Europe, and Africa. Notably, its parent group spans 28 countries across five continents.

The firm’s robust performance has earned it accolades such as the Outbound Travel Operator of the Year (2024), MICE Travel Operator of the Year (2024 & 2023), and recognition for risk management and digital innovation in the travel and tourism sector.

Fairbridge Capital (Mauritius) Ltd, a wholly owned subsidiary of Fairfax Financial Holdings Ltd, holds a 63.83% stake in Thomas Cook India, giving the group a stable backing from a global investment powerhouse.

How Does This Move Align with Business Travel Trends?

The European business travel segment is recovering strongly post-pandemic, with companies resuming in-person engagements, international client servicing, and project-based travel. Thomas Cook India’s expansion comes at a time when Indian-origin multinational clients are increasingly establishing operations in EU markets, necessitating agile, locally embedded travel services.

This is particularly relevant as companies seek cost optimisation amid inflationary pressures and regulatory changes in visa regimes. The Cyprus hub gives Thomas Cook India a stronghold from which to offer competitively priced, seamless travel management services—backed by local knowledge and infrastructure.

Mahesh Iyer, Managing Director & CEO of Thomas Cook (India) Ltd, stated that the European expansion is focused on leveraging the company’s strength in business travel. He said the Cyprus presence would offer corporate clients local EU pricing and inventory benefits, along with a more seamless, high-touch customer experience—a vital differentiator in the premium corporate travel space.

What Does Institutional Sentiment Suggest About Thomas Cook India’s Growth?

The move has been viewed positively by investors and analysts alike, reinforcing Thomas Cook India’s commitment to long-term global growth. The company’s creditworthiness remains solid, with CRISIL reaffirming its ratings at ‘CRISIL AA-/Positive’ for long-term bank facilities and ‘CRISIL A1+’ for short-term instruments.

The Cyprus foray is expected to have a structurally accretive effect on the company’s corporate travel revenues, especially from high-yield clients operating transnationally. Institutional sentiment has remained stable, with no disruptive reactions in recent sessions, indicating investor comfort with Thomas Cook India’s international diversification strategy.

This expansion also aligns with Fairfax’s broader vision of nurturing globally integrated Indian enterprises. Backed by the investment and governance standards of Fairfax Financial Holdings, Thomas Cook India is positioning itself as a serious player in global travel management, not merely a domestic or Asia-bound operator.

What Is the Forward Outlook for Thomas Cook India’s EU Strategy?

While the current focus remains firmly on the corporate travel vertical, the Cyprus office could evolve into a broader staging ground for Thomas Cook India’s European operations. Future strategic opportunities could include tailored leisure travel experiences for affluent Indian and European tourists, regional MICE expansions, and cross-sell opportunities leveraging the company’s various business units like Sterling Holidays and DEI imaging solutions.

In the post-COVID travel ecosystem, physical presence in key markets remains a critical trust and service factor. By embedding itself within the EU travel infrastructure, Thomas Cook India gains not only proximity to clients but also adaptability to changing regional dynamics—whether in pricing, air access, or travel compliance.

As Thomas Cook India deepens its engagement with the EU, stakeholders will be watching how this strategic move transforms the company’s international revenue mix, client engagement levels, and competitive positioning against global TMCs (Travel Management Companies).